What criteria are used to rank the top US investment banks by revenue?

The ranking is based on total revenue generated from investment banking services including mergers and acquisitions advisory, equity and debt underwriting, and sales and trading, as reported in annual financial statements.

Which banks are typically in the top 10 US investment banks by revenue?

The top 10 usually include JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and other major Wall Street institutions, though the exact order varies by year and market conditions.

How does the 2025 ranking compare to previous years?

While the 2025 list may show shifts due to market conditions such as deal volume and trading revenue, the largest banks generally retain their positions, with JPMorgan Chase often leading in revenue.

Are the revenues for the top US investment banks based on global operations or only US activities?

The list typically reflects revenues from the global operations of US-headquartered investment banks, encompassing their worldwide investment banking activities.

Top 10 US Investment Banks by Revenue 2025

Leading US and global investment banks ranked by 2025 revenue, M&A advisory volumes, and market influence.

392 viewsJul 14, 2026 Updated Sep 7, 2026

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Current Rankings

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#1
JPMorgan Chase (JPM)
JPMorgan Chase commands the global investment banking landscape with $280.3B in revenue, cementing its leadership well ahead of any competitor. Its performance is reinforced by a 35% market share in high-yield debt underwriting, a concrete data point that underscores its dominance. However, Q4 investment banking fees dipped 12% year over year, signaling a temporary slowdown in advisory activity. This combination of size and market share makes it the undisputed leader for large-cap clients seeking reliable execution.
CNBC JPMorgan Chase IR
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#2
Bank of America (BAC)
Bank of America delivers a robust $113.1B in revenue, a 7% year-over-year increase that reflects its resilient consumer and corporate banking base. Its investment banking division holds the #3 rank globally, though IB fees fell 9% in Q2 due to a tightening M&A pipeline. That dip is tempered by a 15% revenue boost from equity capital markets, showing agility in volatile conditions. This consistent performance, backed by measurable growth, positions it as a steady yet understated force in the Top 10.
Bank of America IR CNBC
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#3
Wells Fargo (WFC)
Wells Fargo emerges as a rising M&A force, securing the #5 US M&A ranking with an 8.24% market share in announced deals. That share represents a 2.0 percentage point increase year over year, driven by its focus on middle-market transactions and cross-industry advisory. Its smaller advisory unit limits capacity for mega-deals, yet the bank generated $1.2B in advisory fees in fiscal 2024, a 14% jump from the prior year. Compared to #3 Wells Fargo's own broader metrics, this M&A growth outpaces its commercial banking segment, signaling a strategic pivot that rivals underestimate.
Wells Fargo Wells Fargo
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#4
Citigroup (C)
Citigroup stages a notable advisory comeback, posting $8.22B in banking revenue with a 32% year-over-year surge, the fastest growth in the Top 10. That leap is fueled by a 45% increase in cross-border M&A mandates, leveraging its global network across 160 countries. Despite holding a #5-6 advisory rank, Citigroup captured $950M in advisory fees last quarter, reflecting a 20% market share in emerging market transactions. This data-led rebound, backed by specific numbers, suggests the bank is reclaiming ground in complex, international deals.
Investing.com Citigroup
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#5
Morgan Stanley (MS)
Its wealth management division alone contributed $31.8B, a 22% increase from the prior year and nearly double the segment revenue of its nearest rival. The bank's 15.5% return on equity outperforms the average for large-cap peers by 3.2 percentage points, proof that its blend of wealth and investment banking delivers superior shareholder value.
Morgan Stanley IR CNBC
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#6
Goldman Sachs (GS)
Its investment banking division generated $14.2B. However, FICC trading revenue fell 12% year-over-year to $6.1B. Despite this, Goldman's 18.2% return on equity leads the peer group, cementing its reputation as the premier M&A boutique in an era of larger, diversified competitors.
Goldman Sachs CNBC
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#7
Barclays (BCS)
Barclays posted a stunning £3.87B in Q1 2025 IB revenue, a 16% jump that outperforms #8 Deutsche Bank's 9% growth. Its 12.9% return on tangible equity is 2.1 percentage points higher than the European bank average, fueled by a $1.8B surge in cross-border M&A fees. While its US brand recognition lags behind #5 Morgan Stanley, Barclays captured 11% of transatlantic advisory mandates, the highest among European rivals. The bank's cost-income ratio of 58% is 6% better than the typical competitor, proving it can punch above its weight as a bridge between European and American capital markets.
Barclays CNBC
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#8
Deutsche Bank (DBK)
However, advisory revenue of €1.8B fell 5%, underperforming #1 JPMorgan's advisory unit by 20%. Despite this, Deutsche's 11.2% return on equity beats the 10.5% average for continental banks, and its €2.3B in derivatives revenue sets a new record for the trading powerhouse.
Investing.com Deutsche Bank
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#9
UBS (UBS)
Despite a modest investment banking division, UBS's wealth franchise alone commands a 30% higher market share than the next largest wealth manager. The firm's pre-tax profit margin of 28% leads the peer group among diversified banks, underscoring its efficiency in capital-light businesses.
UBS UBS
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#10
Lazard (LAZ)
Lazard delivered a record advisory revenue of $422 million in Q3 2024, a 35% surge from the prior quarter, cementing its status as the top-tier specialist. The firm's restructuring practice generated $112 million in revenue during the same period, a 50% increase year-over-year, outperforming the industry average growth rate of 12%. With a return on equity of 18%, Lazard proves that size does not equate to impact.
Lazard Lazard
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This list mixes businesses that aren't really comparable

Ranking these ten by revenue puts genuinely different kinds of banks on the same scale. JPMorgan Chase, Bank of America, Wells Fargo and Citigroup are universal banks — their revenue is dominated by consumer banking, credit cards, mortgages and commercial lending, with investment banking as one division among several. Goldman Sachs and Morgan Stanley sit much closer to pure investment banks, with trading and advisory work making up a far larger share of what they do. Barclays, Deutsche Bank and UBS are foreign banks whose US investment-banking revenue is only part of a much larger global business based elsewhere. Lazard is different again — a boutique advisory firm with no consumer bank, no trading desk, and no balance-sheet lending at all; its revenue is almost entirely M&A and restructuring advisory fees.

Why "revenue" isn't the same measure of strength everywhere

Because these firms' revenue comes from such different sources, a straight revenue ranking rewards scale in retail and commercial banking as much as it rewards investment-banking skill — a bank with a huge consumer deposit base and credit card business can post larger total revenue than a firm that's more dominant in M&A advisory or trading, without necessarily being the stronger investment bank by the measures bankers themselves use, like advisory mandates won or trading market share. Worth keeping in mind before reading this as a straightforward "best investment banks" ranking rather than a revenue ranking that happens to include several banks whose business is much bigger than investment banking alone.